FIELD ACTIVITIES / TransGlobe Energy Corporation Announces Next
Stage of Block S1 in Yemen
TSE, ASE SYMBOL: TGL
ASE SYMBOL: TGL.S
NASDAQ SYMBOL: TGLEF
JANUARY 30, 1998
CALGARY, ALBERTA--TransGlobe Energy Corporation (ASE, symbols
"TGL" and "TGL.S", TSE symbol "TGL", NASDAQ symbol "TGLEF")
announced today a financing of $500,000 Canadian in the form of
unsecured promissory notes with some directors, officers and
insiders. The promissory notes are due September 1, 1998 and bear
interest at Canadian bank prime rate plus 1 percent, which would
be 7 percent at today's rate. In addition, the Company will issue
warrants to the investors to purchase in aggregate 178,570 common
shares of TransGlobe at an exercise price of C$1.75 per share for
two years, subject to the approval of The Toronto Stock Exchange.
The proceeds will be used to partially fund the Company's
activities in the Republic of Yemen. The securities have not been
registered under the US Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.
On behalf of the Board of Directors of TRANSGLOBE ENERGY
CORPORATION
"Ross G. Clarkson" |
